v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity
14. Equity

Common Stock

Holders of common stock are entitled to participate in dividends from the Company on a pro rata basis.

During the three months ended March 31, 2026 and 2025, the Company issued shares of common stock in settlement of vested RSUs. The Company has generally allowed holders of vested RSUs and exercised share options to settle their tax liabilities by reducing the number of shares of common stock issued to them, which the Company refers to as “net share settlement.” Additionally, the Company has generally allowed holders of share options to settle their exercise price by reducing the number of shares of common stock issued to them at the time of exercise by an amount sufficient to cover the exercise price. The net share settlement results in a liability for the Company and a corresponding adjustment to retained earnings.

On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans.

Effective February 9, 2026, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $4.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans. Shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations. The repurchase program does not obligate the Company to make any repurchases at any specific time. The program is effective until the aggregate repurchase amount that has been approved by the AGM board of directors has been expended and may be suspended, extended, modified or discontinued at any time.

The table below outlines the share activity:

Three months ended March 31,
20262025
Shares of common stock issued in settlement of vested RSUs and options exercised1
4,369,135 7,480,021 
Reduction of shares of common stock issued2
(1,699,845)(3,189,611)
Issuance of shares of common stock for equity-based awards2,669,290 4,290,410 
1 The gross value of shares issued was $568 million and $1,234 million for the three months ended March 31, 2026 and 2025, respectively, based on the closing price of the shares of common stock at the time of issuance.
2 Cash paid for tax liabilities associated with net share settlement was $225 million and $528 million for the three months ended March 31, 2026 and 2025, respectively.

During the three months ended March 31, 2026 and 2025, 5,182,831 and 1,392,000 shares of common stock, respectively, were repurchased in open market transactions as part of the publicly announced share repurchase programs discussed above, and such shares were subsequently canceled by the Company. The Company paid $632 million and $193 million for these open market share repurchases during the three months ended March 31, 2026 and 2025, respectively.

During the three months ended March 31, 2025, the Company issued 540,177 shares of common stock in settlement of a deferred consideration obligation.
Mandatory Convertible Preferred Stock

On August 11, 2023, the Company issued 28,750,000 shares, or $1.4 billion aggregate liquidation preference, of its 6.75% Series A Mandatory Convertible Preferred Stock (the “Mandatory Convertible Preferred Stock”).

Dividends on the Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by the AGM board of directors, or an authorized committee thereof, at an annual rate of 6.75% on the liquidation preference of $50.00 per share, and may be paid in cash or, subject to certain limitations, in shares of common stock or, subject to certain limitations, any combination of cash and shares of common stock. If declared, dividends on the Mandatory Convertible Preferred Stock will be payable quarterly on January 31, April 30, July 31 and October 31 of each year, commencing on October 31, 2023, and ending on, and including, July 31, 2026. The first dividend payment on October 31, 2023 was $0.7500 per share of Mandatory Convertible Preferred Stock, with subsequent quarterly cash dividends expected to be $0.8438 per share of Mandatory Convertible Preferred Stock.

Unless converted earlier in accordance with its terms, each share of Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be July 31, 2026, into between 0.5069 shares and 0.6083 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations related to the Mandatory Convertible Preferred Stock (the “Certificate of Designations”). The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to July 31, 2026.

Holders of shares of Mandatory Convertible Preferred Stock have the option to convert all or any portion of their shares of Mandatory Convertible Preferred Stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Mandatory Convertible Preferred Stock for certain unpaid accumulated dividends as described in the Certificate of Designations.

If a Fundamental Change, as defined in the Certificate of Designations, occurs on or prior to July 31, 2026, then holders of the Mandatory Convertible Preferred Stock will be entitled to convert all or any portion of their Mandatory Convertible Preferred Stock at the Fundamental Change Conversion Rate for a specified period of time and to also receive an amount to compensate them for certain unpaid accumulated dividends and any remaining future scheduled dividend payments.

The Mandatory Convertible Preferred Stock is not subject to redemption at the Company’s option.

As of March 31, 2026 and December 31, 2025, there were 28,749,665 and 28,749,665 shares of Mandatory Convertible Preferred Stock issued and outstanding, respectively.

Warrants

In 2022, the Company issued warrants in a private placement exercisable for up to 12.5 million shares of common stock at an exercise price of $82.80 per share. In April 2025, the Company issued 1,080,041 shares of common stock in relation to a cashless exercise of 2.6 million vested warrants issued in 2022. As of March 31, 2026, pursuant to certain anti-dilution provisions, the exercise price for the warrants was adjusted to $82.56. As of March 31, 2026, warrants exercisable for 9.9 million shares of common stock were vested and exercisable.

In November 2024, the Company issued warrants in a private placement exercisable for up to 2.9 million shares of common stock at an exercise price of $173.51 per share. The warrants are exercisable on the issuance date and each of the first, second, third, fourth, fifth and sixth anniversaries thereof. As of March 31, 2026, warrants exercisable for 0.8 million shares of common stock were vested and exercisable. Each warrant, to the extent exercised, will be settled on a “cashless net exercise basis.” The warrants will expire on the seventh anniversary of the issuance date, with any vested but unexercised warrants being automatically exercised at such time if the trading price of common stock is above the exercise price.

Donor-Advised Fund

In February 2025, the Company established a donor-advised fund (the “Apollo DAF”) as part of its ongoing commitment to philanthropy. The Company issued 1,213,003 shares of common stock in February 2025 to fund the Apollo DAF.
Dividends and Distributions

Outlined below is information regarding quarterly dividends and distributions (in millions, except per share data).

Dividend Declaration DateDividend per Share of Common StockPayment DateDividend to Common StockholdersDistribution Equivalents on Participating Securities
February 4, 2025$0.46 February 28, 2025$264 $14 
May 2, 20250.51 May 30, 2025292 14 
August 5, 20250.51 August 29, 2025291 15 
November 4, 20250.51 November 28, 2025296 15 
Year ended December 31, 2025$1.99 $1,143 $58 
February 9, 2026$0.51 February 27, 2026$295 $17 
Three months ended March 31, 2026$0.51 $295 $17 

Accumulated Other Comprehensive Income (Loss)

(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at December 31, 2025$(6,372)$(252)$(17)$4,137 $(169)$28 $(2,645)
Other comprehensive income (loss) before reclassifications(2,110)(14)137 909 216 (30)(892)
Less: Reclassification adjustments for gains (losses) realized1
(61)(9)7 — — — (63)
Less: Income tax provision (benefit)(406)(1)28 186 45 (8)(156)
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax(415)(7)4 229 30 (15)(174)
Balance at March 31, 2026$(7,600)$(249)$81 $4,631 $(28)$21 $(3,144)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.

(In millions)Unrealized investment gains (losses) on AFS securities without a credit allowanceUnrealized investment gains (losses) on AFS securities with a credit allowanceUnrealized gains (losses) on hedging instrumentsRemeasurement gains (losses) on future policy benefits related to discount rateRemeasurement gains (losses) on market risk benefits related to credit riskForeign currency translation and other adjustmentsAccumulated other comprehensive income (loss)
Balance at December 31, 2024$(9,174)$(284)$(119)$4,235 $(103)$(49)$(5,494)
Other comprehensive income (loss) before reclassifications1,338 (37)239 (528)116 63 1,191 
Less: Reclassification adjustments for gains (losses) realized1
(191)— 10 — — — (181)
Less: Income tax provision (benefit)312 (8)48 (110)24 7 273 
Less: Other comprehensive income (loss) attributable to non-controlling interests, net of tax260 — 62 (169)12 23 188 
Balance at March 31, 2025$(8,217)$(313)$— $3,986 $(23)$(16)$(4,583)
1 Recognized in investment related gains (losses) on the condensed consolidated statements of operations.